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Bank approves US$190M funding package for Altech alumina project

Germany's state-owned KfW IPEX-Bank approved a US$190 million finance package as a sole lender for Altech Chemicals Ltd.'s high purity alumina, or HPA, project.

The project includes the 4,500 tonne-per-annum Johor Bahru plant in Malaysia, which will source kaolin clay from the company's Meckering deposit in Western Australia.

The export credit cover component of project finance was increased to US$170 million, from US$165 million, and the US$20 million balance will be on commercial terms. The bank initially proposed a finance package of US$185 million.

Altech decided in October to proceed with the next stage of development for the project after a positive outcome of the final investment decision study.